Bremworth shareholders request board overhaul

Bremworth has received a request from four shareholders, representing 11.5% of its issued capital, to convene a special meeting of shareholders.

The purpose of the meeting would be to consider five resolutions for the removal of all current directors and the appointment of four new directors nominated by the requesting shareholders.

Bremworth's co-founder and largest shareholder, Grant Beil, along with other substantial shareholders, have expressed confidence in the current board and declined to support the proposal.

The company is currently in the process of a strategic review of its ownership structure, with the aim of soliciting an attractive offer for the acquisition of the company.

The board said it is willing to consider any qualified candidates for board appointment, but the requesting shareholders have not indicated a willingness to proceed on that basis.

The board will now convene its nominations committee to consider the qualifications and independence of the proposed directors.